£530m in property wealth gifted to families in 2020

In the first three quarters of 2020, older homeowners used their property wealth to gift £530m to family and friends, new analysis from Key has revealed.

The equity release adviser suggested that help with housing deposits and early inheritances were the main consistent drivers behind the generosity.

Key’s data showed that over-55s provided the most of any group in Q3, gifting £221m to younger members of their families, with £100m being pumped into the housing market – potentially due to the temporary stamp duty holiday, Key suggested. Over 2020, the total amount used for housing deposits was £230m.

Average gifts to families were as high as £133,000 from older homeowners in London, while people in the East Midlands and Wales were revealed as the most likely to be helping out with house deposits.

“Helping out family and friends has always been a major motivator for older homeowners using equity release but it is striking to see that more than half a billion has been gifted thus far in 2020,” said Key CEO, Will Hale.
 
“Our data suggests that while customers have focused on using their property wealth to shore up their own finances by repaying debt or boosting their income, they are still looking to support their families rather than spending money on themselves for holidays or even on home and garden improvements. 
 
“The temporary stamp duty cut is an opportunity to ensure that financial help goes further and is likely to mean demand for equity release remains strong as more people want to provide help to family members to get them on, or moving up, the property ladder.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.